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Question;? Question;1;2 out of 2 points;Retained earnings for the ABC;Company as of January 1, 200X was $800.;During the year the company earned revenue of $5,000, had expenses of;$3,200 and paid a cash dividend of $500.The income statement for the year ending;December 31, 200X would show net income of;$2,300;$2,100;$800;$1,800;? Question;2;2 out of 2 points;The balance in Prepaid insurance;is $ 2,500 before any adjustment. $1,000 worth of the insurance has expired.;The adjusting journal entry should include which of the following?;Debit;to Prepaid insurance for $ 1,000.;Debit to Insurance expense for $ 1,000.;Credit;to Insurance expense for $ 1,000.;Debit;to Insurance expense for $ 1,500.;? Question;3;2 out of 2 points;On January 1, 200X the Post;Company started the year with a balance of $1,000 in the supplies account.;During the year the company purchased supplies for $2,000. On December 31, 200X;there was $1,200 of supplies on hand. What adjusting entry would be made on;December 31, 200X?;Debit;Supplies $1,800, Credit Cash $1,800;Debit;Supply Expense $2,000, Credit cash $2,000;Debit Supply Expense $1,800, Credit Supplies $1,800;Debit;Supply Expense $1,200, Credit Supplies $1,200;? Question;4;2 out of 2 points;Payment of a dividend will;Decrease;net income.;Increase;net income.;Decrease retained earnings.;Increase;retained earnings.;? Question;5;2 out of 2 points;Central Company purchased;equipment on January 1, 200X for $12,000. The equipment has a useful life of;six years. What adjusting entry would be;made for 200X to record depreciation expense?;Debit;depreciation expense $2,000, credit cash $2,000.;Debit;depreciation expense $12,000, credit cash $12,000.;Debit;depreciation expense $2,000, credit equipment $2,000.;? Question;1;0 out of 0 points;For which of the following accounts;is the normal balance a debit balance?;Retained;earnings.;Accounts;payable.;Prepaid insurance.;Unearned;revenue.;? Question;2;0 out of 0 points;Retained earnings for the ABC;Company as of January 1, 200X was $1,800.;During the year the company earned revenue of $2,000, had expenses of;$1,200 and paid a cash dividend of $500.The income statement for the year;ending December 31, 200X would show net income of;$300;$2,100;$800;$3,100;? Question;3;0 out of 0 points;Assume the balance in Prepaid;Insurance is $ 2,500 but it should be $ 1,500. The adjusting journal entry;should include which of the following?;Debit;to Prepaid insurance for $ 1,000.;Debit to Insurance expense for $ 1,000.;Credit;to Insurance expense for $ 1,000.;Credit;to Insurance expense for $ 1,500.;? Question;4;0 out of 0 points;Assume a company receives a bill;for $ 10,000 for advertising done during the current year. If this bill is not;yet recorded at the end of the year, what will the adjusting journal entry;include?;Debit to Advertising expense of $ 10,000.;Debit;to Accrued liabilities of $ 10,000.;Credit;to Advertising expense of $ 10,000.;Credit;to Cash of $ 10,000.;? Question;5;0 out of 0 points;On January 1, 200X the Post;Company started the year with a balance of $800 in the supplies account. During;the year the company purchased supplies for $600. On December 31, 200X there;was $200 of supplies on hand. What adjusting entry would be made on December;31, 200X?;Debit Supplies $600, Credit Cash $600;Debit;Supply Expense $600, Credit Cash $600;Debit Supply Expense $1,200, Credit Supplies $1,200;Debit;Supply Expense $200, Credit Supplies $200;Debit;Supply expense $1,200, Credit cash $1,200;? Question;6;0 out of 0 points;Payment of a dividend will;Decrease;net income.;Increase;net income.;Decrease retained earnings.;Increase;retained earnings.;? Question;7;0 out of 0 points;Central Company has sales of;$10,000 and expenses of $4,000. Which of the following is the correct closing;entry?;Debit;retained earnings, debit expenses and credit sales.;Credit retained earnings, credit expenses and debit sales.;Debit;expenses and credit sales.;Credit;retained earnings, debit expenses and credit sales.;? Question;8;0 out of 0 points;In regard to the Prepaid;Insurance Account;A debit entry will increase this account, a credit entry;will decrease this account.;A;credit entry will increase this account, a debit entry will decrease this;account.;A debit;entry can either increase or decrease this account.;A;credit entry can either increase or decrease this account.;? Question;9;0 out of 0 points;In regard to the account Salary;Payable;A debit;entry will increase this account, a credit entry will decrease this account.;A credit entry will increase this account, a debit entry;will decrease this account.;A debit;entry can either increase or decrease this account.;A;credit entry can either increase or decrease this account.

Paper#38799 | Written in 18-Jul-2015

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